晶圆代工行业点评报告：AI扩容+行业高景气，先进晶圆代工国产化提速

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The wafer foundry industry is the final point for chips from design to application, benefiting from the surge in domestic computing infrastructure and the demand for advanced foundry services, highlighting the importance of self-sufficiency in the industry [1] - AI computing power and the "China for China" strategy are driving the expansion and demand in the wafer foundry market, particularly for advanced processes below 14nm, which remain a bottleneck for domestic foundries [2] - Domestic equipment breakthroughs and the weakening impact of overseas restrictions are expected to accelerate the expansion of local wafer foundries, with a focus on achieving full localization across the entire supply chain [3] - The wafer foundry sector is critical for semiconductor localization, with urgent needs for domestic replacements due to U.S. semiconductor policies that have significantly impacted domestic advanced process expansion [4] - Companies to watch include SMIC, Hua Hong Semiconductor, Jingxin Integrated Circuit, Yandong Microelectronics, and Xilinx Integrated [5] Summary by Sections - Investment Rating: The industry is rated as "Positive" [6] - Market Drivers: The growth in AI computing and local strategies are key drivers for demand in advanced wafer foundry services [2] - Domestic Equipment and Localization: Progress in domestic semiconductor equipment and reduced impact from overseas restrictions are facilitating faster expansion of local foundries [3] - Policy Impact: U.S. semiconductor policies have created a pressing need for domestic alternatives in the wafer foundry sector [4] - Companies of Interest: Notable companies in the sector include SMIC and others [5]